BofA to cut trading and banking jobs as revenue drops

NEW YORK: Bank of America Corp is cutting dozens of jobs across the firm’s trading and banking divisions after chief executive officer Brian Moynihan pledged to trim expenses amid a decline in trading revenue, according to two people with knowledge of the plans.

Senior employees being cut on Tuesday include Alison Ferreira, a managing director and former co-head of New York equity sales, and Frank Laino, a managing director overseeing the Internet, health-care and small-cap trading teams, according to the people, who asked not to be identified speaking about personnel matters.